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Bank of New Zealand: Time ripe to tackle home debt
Young New Zealanders are being urged to take advantage of low interest rates to reverse the trend towards remaining saddled with debt after 65. The Bank of New Zealand has disclosed research that finds almost one in three homeowners will be older than the traditional retirement age before they throw off the shackles of a home mortgage. That is in stark contrast to the dreams of many younger householders, who expect to be mortgage-free well before then. BNZ retail and marketing director Craig Herbison fears it raises the spectre of "intergenerational debt" rather than older Kiwis bequeathing wealth to their children. ... (full story)